HomeMy WebLinkAbout2014-11-17 - Finance-Accounting Committee Meeting Agenda PacketYorba Linda
Hater District
AGENDA
YORBA LINDA WATER DISTRICT
FINANCE - ACCOUNTING COMMITTEE MEETING
Monday, November 17, 2014, 4:00 PM
1717 E Miraloma Ave, Placentia CA 92870
1. CALL TO ORDER
2. ROLL CALL
COMMITTEE
Director Phil Hawkins, Chair
Director Michael J. Beverage
STAFF
Marc Marcantonio, General Manager
Delia Lugo, Finance Manager
3. PUBLIC COMMENTS
Any individual wishing to address the committee is requested to identify themselves and state the matter on
which they wish to comment. If the matter is on this agenda, the committee Chair will recognize the individual for
their comment when the item is considered. No action will be taken on matters not listed on this agenda.
Comments are limited to matters of public interest and matters within the jurisdiction of the Water District.
Comments are limited to five minutes.
4. ACTION CALENDAR
This portion of the agenda is for items where staff presentations and committee discussions are needed prior to
formal committee action.
4.1. Proposed Revisions to Procurement and Purchasing Policy
Recommendation. That the Committee recommend the Board of Directors approve
Resolution No. 14 XX Setting Forth a Procurement and Purchasing Policy and
Rescinding Resolution No. 13 -03.
4.2. Proposed Revisions to Policy Pertaining to Disposition of Refunds from Outside
Agencies
Recommendation. That the Committee recommend the Board of Directors approve
Resolution No. 14 XX Adopting a Policy on the Disposition of Refunds from Outside
Agencies and Rescinding Resolution No. 08 -01.
4.3. Unaudited Financial Statements for the Period Ending September 30, 2014 for the
District
Recommendation. That the Committee recommend the Board of Directors receive
and file the Unaudited Financial Statements for the Period Ending September 30,
2014.
5. DISCUSSION ITEMS
This portion of the agenda is for matters such as technical presentations, drafts of proposed policies, or similar
items for which staff is seeking the advice and counsel of the Committee members. This portion of the agenda
may also include items for information only.
5.1. Budget to Actual Results for October 2014
5.2. Investment Report for the Period Ending October 31, 2014
5.3. Future Bond Requirements and Recent Media Coverage
5.4. Future Agenda Items and Staff Tasks
6. ADJOURNMENT
6.1. The next Finance - Accounting Committee meeting is scheduled to be held Monday,
December 22, 2014 at 4:00 p.m.
Items Distributed to the Committee Less Than 72 Hours Prior to the Meeting
Pursuant to Government Code section 54957.5, non - exempt public records that relate to open session agenda items
and are distributed to a majority of the Committee less than seventy -two (72) hours prior to the meeting will be available
for public inspection in the lobby of the District's business office located at 1717 E. Miraloma Avenue, Placentia, CA
92870, during regular business hours. When practical, these public records will also be made available on the District's
internet website accessible at http: / /www.ylwd.com /.
Accommodations for the Disabled
Any person may make a request for a disability - related modification or accommodation needed for that person to be
able to participate in the public meeting by telephoning the Executive Secretary at 714 - 701 -3020, or writing to Yorba
Linda Water District, P.O. Box 309, Yorba Linda, CA 92885 -0309. Requests must specify the nature of the disability and
the type of accommodation requested. A telephone number or other contact information should be included so the
District staff may discuss appropriate arrangements. Persons requesting a disability - related accommodation should
make the request with adequate time before the meeting for the District to provide the requested accommodation.
AGENDA REPORT
Meeting Date: November 17, 2014
ITEM NO. 4.1
To: Finance - Accounting Committee
From: Delia Lugo, Finance Manager
Presented By: Delia Lugo, Finance Manager Dept: Finance
Subject: Proposed Revisions to Procurement and Purchasing Policy
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors approve Resolution No. 14 -XX Setting Forth
a Procurement and Purchasing Policy and Rescinding Resolution No. 13 -03.
DISCUSSION:
Staff has reviewed the current Purchasing Policy as adopted by Resolution No. 13-03. There is a
need to add listed Section 7 in order to clarify the process required to ensure all purchases are
covered by an existing policy in place by the District.
ATTACHMENTS:
Name: Description: Type:
Resolution No. 14 -XX - Purchasing Policy.docx Resolution Resolution
RESOLUTION NO. 14 -XX
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
SETTING FORTH A PROCUREMENT AND PURCHASING POLICY
AND RESCINDING RESOLUTION NO. 13 -03
WHEREAS, the District established a Procurement and Purchasing Policy by
adopting Resolution No. 13 -03 on February 14, 2013; and
WHEREAS, from time to time it is necessary to review the policy and make
modifications that reflect current District procedures, public policy
demands and economic conditions.
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of Yorba Linda
Water District shall establish the following policies:
Section 1: Property, Repairs and Modifications, Supplies and Services
The following procedures and authority will be used for the acquisition or leasing of
personal property; repair or modification of District equipment or structures; or obtaining
labor, materials, supplies or services as identified in the budget:
Dollar Amount
$0-5,000
$5,001415,000
$15,001425,000
$25,001 - $75,000
>$75,001
Procedure
1 Written Quote
2 Written Quotes
3 Written Quotes
3 Written Quotes
Competitive Bid
Authority
Dept. Manager
General Manager
General Manager
Board of Directors
Board of Directors
Section 2: Capital Outlay, Improvement and Replacement Projects
The following procedures and authority will be used for vehicles and equipment, fire
hydrants, water and sewer pipelines, booster pump stations, reservoirs, etc. as
identified in the budget:
Dollar Amount
$0415,000
$15,001425,000
$25,0014100,000
>$100,001
Procedure
2 Written Quotes
2 Written Quotes
3 Written Quotes
Competitive Bid
Authority
Dept. Manager
General Manager
Board of Directors
Board of Directors
Resolution No. 14 -XX Setting Forth a Procurement and Purchasing Policy and Rescinding Resolution No. 13 -03
Section 3: Contract Amendments and Change Orders
The following procedures and authority will be used for contract services amendments,
professional service contract amendments and for capital projects where the change
order does not alter project completion time:
Dollar Amount Procedure ( *) Authority
5% of Project Cost, NTE $7,500 Notify GM Dept. Manager
10% of Project Cost, NTE $15,000 Notify BOD General Manager
10% of Project Cost, NTE $25,000 Notify BOD General Manager
>10% of Project Cost or > $25,000 Agenda Item Board of Directors
Section 4: Contractual Services Policy
The following procedures and authority will be used for professional services such as
engineering consultant, legal counsel, auditors, etc. as identified in the budget:
Dollar Amount
$045,000
$5,001415,000
$15,001425,000
>$25,001
Procedure
1 Written Proposal
2 Written Proposals
3 Written Proposals
3 Written Proposals
Authority
Dept. Mgr
General Manager
General Manager
Board of Directors
Section 5: Non - scheduled Capital Asset Repair and Replacement
The following procedures and authority will be used for the acquisition of personal
property; repair or modification of District equipment or structures; or obtaining labor,
materials, supplies or services related to non - scheduled capital asset repair and
replacement:
Dollar Amount
$0-10,000
$10,001425,000
$25,001 450,000
>$50,001
Procedure ( *)
Notify GM
Notify Committee
Notify BOD
Agenda Item
Authority
Dept. Manager
General Manager
General Manager
Board of Directors
Section 6: Emergency Policy
The following procedures and authority will be used in emergency situations for events
which require immediate extraordinary action to protect the public health, safety, welfare
and property, with ratification by the Board at the next meeting or the earliest special
meeting that may be called.
Dollar Amount
$04100,000
>$100,001
Procedure ( *)
Notify BOD
Next or Special Mtg
Authority
General Manager
Board of Directors
*In all cases where notification is required, a written memo shall be provided stating the
reasons for the approval by the designee.
Resolution No. 14 -XX Setting Forth a Procurement and Purchasing Policy and Rescinding Resolution No. 13 -03
Section 7 Other Purchases:
In the event that a proposed purchase does not meet any of the requirements listed in
Sections 1 -6 of this policy an approval to proceed with the purchase will be required
from the Board of Directors.
Section 8 Effective:
The Procurement and Purchasing Policy adopted herein shall take effect immediately
upon adoption of this Resolution.
Section 9 Rescinding:
That Resolution No. 13 -03 and conflicting Minute Orders are hereby rescinded upon
adoption of Resolution No. 14 -XX.
PASSED AND ADOPTED this _th day of November 2014 by the following called vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Robert Kiley, President
Yorba Linda Water District
ATTEST:
Mark Marcantonio, Board Secretary
Yorba Linda Water District
Reviewed as to form by General Counsel:
Arthur G. Kidman, Esq.
Kidman Law LLP
Resolution No. 14 -XX Setting Forth a Procurement and Purchasing Policy and Rescinding Resolution No. 13 -03 3
ITEM NO. 4.2
AGENDA REPORT
Meeting Date: November 17, 2014
To: Finance - Accounting Committee
From: Delia Lugo, Finance Manager
Presented By: Delia Lugo, Finance Manager Dept: Finance
Subject: Proposed Revisions to Policy Pertaining to Disposition of Refunds from Outside
Agencies
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors approve Resolution No. 14 -XX Adopting a
Policy on the Disposition of Refunds from Outside Agencies and Rescinding Resolution No. 08 -01.
DISCUSSION:
From time to time the District will receive a refund from Outside Agencies. With the adoption of
Resolution No. 08 -01, awn refund received from an Outside Agency needs to be passed on equally
to all active customers within the District's service boundaries. Currently, the District has 24,598
active customers. Depending on the amount of the refund received and the credit process required
in Resolution No. 08 -01, there can be an inefficient use of labor hours to fulfill the District's
obligation in applying a credit of equal amount to each active customer account.
In order to promote efficiencies in processes, Staff is recommending the procedures as established
in Resolution No. 08 -01 still occur when a refund in an amount that is equal to or greater than
$75,000 is received. Any refund received which is less than $75,000 will be applied to offset current
year operating expenses at the discretion of the General Manager.
ATTACHMENTS:
Resolution No. 14 -XX - D
Description:
n of Refunds.doc Resolution
Type:
Resolution
RESOLUTION NO. 14 -XX
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE YORBA LINDA WATER DISTRICT
ADOPTING A POLICY ON THE DISPOSITION OF REFUNDS FROM OUTSIDE
AGENCIES AND RESCINDING RESOLUTION NO. 08 -01
WHEREAS, the Board of Directors of the Yorba Linda Water District has, from time to
time, received refunds from water agencies such as the Metropolitan
Water District of Southern California and the Municipal Water District of
Orange County; and
WHEREAS, the Board of Directors has considered many options on the disposition of
these refunds including: (1) an immediate return to District customers in
the form of a refund; (2) a one -time refund to each currently active
account; (3) a reduction in the water rate for the next twelve months; (4) a
reduction in the water rate for just the summer months; (5) a return of the
funds to the issuing agency with a request that those funds be applied to
offset future invoices; and (6) deposit of the funds directly into the water
operating fund account; and
WHEREAS, the Board of Directors has decided in the past that the fairest, quickest
and least expensive method was to issue a one -time refund credit to each
active account excluding fire detector check accounts at the time of the
refund; and
WHEREAS, the Board of Directors desires to further clarify the method used to pass
through these types of refunds to District customers.
NOW THEREFORE BE IT RESOLVED by the Board of Directors of the Yorba Linda
Water District that when the District receives a refund from the Metropolitan Water
District of Southern California, the Municipal Water District of Orange County, the
Orange County Water District, Southern California Edison Company or The Gas
Company in excess of $75,000, the refund shall be passed through to the customers in
the following method.
Section 1. By taking the total amount of the refund divided by the total number of
active water accounts, excluding the fire detector check accounts, and
applying the refund as a one -time credit on a date to be determined by the
General Manager. Should the refund be less than $75,000, the refund will
be credited against the appropriate operating general ledger expense
account as determined by the General Manager.
Section 2. That Resolution No. 08 -01 is hereby rescinded.
Resolution No. 14 -XX Adopting a Policy on the Dispostion of Refunds from Outside Agencies
Section 3. That Resolution No. 14 -XX becomes effective immediately upon adoption
by the Board of Directors.
PASSED AND ADOPTED this _th day of November 2014, by the following called vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Robert R. Kiley, President
Yorba Linda Water District
ATTEST:
Marc Marcantonio, Board Secretary
Yorba Linda Water District
Reviewed as to form by Legal Counsel:
Art G. Kidman, Esq.
Kidman Law LLP
Resolution No. 14 -XX Adopting a Policy on the Dispostion of Refunds from Outside Agencies 2
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
SUMMARY:
ITEM NO. 4.3
AGENDA REPORT
November 17, 2014
Finance - Accounting Committee
Delia Lugo, Finance Manager
Delia Lugo, Finance Manager Dept: Finance
Kelly McCann, Senior
Accountant
Unaudited Financial Statements for the Period Ending September 30, 2014 for
the District
Presented are the Unaudited Financial Statements for the Period Ending September 30, 2014 for
the District.
STAFF RECOMMENDATION:
That the Committee recommend the Board of Directors receive and file the Unaudited Financial
Statements for the Period Ending September 30, 2014.
DISCUSSION:
For the period ending September 30, 2014, staff is presenting unaudited statements in the CAFR
format. We have included the traditional budget to actual statements for the District as a whole, as
well as the individual water and sewer funds, and the debt service coverage calculation.
Water Operating Revenue, as presented, is 30.37% of annual budget, which is 3.23% lower than
the historical trend for this point of the year. Due to implementing the District's Water Conservation
Ordinance as of September 2, 2014, as well as the effect of media coverage of the State's drought
conditions, water consumption per capita has decreased by 23.67 GCPD for the month of
September as compared to last year. This reflects a 10% reduction in water use.
Other Operating Revenue is 35.16% of annual budget. Sewer Other Operating Revenue, as
presented, is 43.09% of annual budget.
As reported through September 30, 2014, Variable Water Costs are 31.44% of budget. These costs
reflect an overall decrease of 4% when compared to those of the previous Fiscal Year. An additional
factor to take into consideration this year are the costs associated with meeting the CUP obligation
from OCWD, which total $851,951 through September 30, 2014. With the issuance of the 2008
Certificates of Participation (COP's) and the Refunding Revenue Bonds, Series 2012A the District
covenanted "to fix, prescribe and collect rates and charges for Water Service which will be at least
sufficient to yield during each Fiscal Year, Net Revenues equal to 110% of the Debit Service for
such Fiscal Year ".
To confirm the covenant is upheld, a calculation is made quarterly and presented to the Finance -
Accounting Committee and received and filed by the Board of Directors. Accordingly, the unaudited
debt service ratio through September 2014 is shown in the calculation as 234 %. This shows strong
financial health for the District as it pertains to the debt service ratio.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Description:
FY 2015 1st Qtr Consolidated Balance Sheet.xlsx FY 2015 1 st QTR Consolidated Balance Sheet
1st Qtr 2015 Debt Svc Ratio Calc.xlsx
1st Qtr 2015 Consolidated Stmt.xlsx
1st Qtr 2015 Sewer Stmt.xlsx
1st Qtr 2015 Water Stmt.xlsx
FY 2015 1 st Qtr Debt Service Calculation
FY 2015 1 st Qtr Consolidated Statement
FY 2015 1 st Qtr Sewer Statement
1 st Qtr 2015 Water Statement
Type:
Backup Material
Backup Material
Backup Material
Backup Material
Backup Material
YORBA LINDA WATER DISTRICT
UNAUDITED COMBINING SCHEDULE OF NET ASSETS
September 30, 2014
(With September 30, 2013 for comparison only)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
Investment
Accounts receivable - water and sewer services
Accrued interest receivable
Prepaid expenses & other deposits
Inventory
TOTAL CURRENT ASSETS
NONCURRENT ASSETS:
Bond issuance costs
Other post - employment benefit (OPEB) asset
Capital assets:
Non - depreciable
Depreciable, net of accumulated depreciation
TOTAL NONCURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES:
Accounts payable
Accrued expenses
Accrued interest payable
Certificates of Participation - current portion
Accrued OPEB
Refunding Revenue Bond - current portion
Compensated absences
Customer and construction deposits
Deferred revenue
TOTAL CURRENT LIABILITIES
LONG -TERM LIABILITIES (LESS CURRENT PORTION):
Deferred annexation revenue
Compensated absences
Refunding Revenue Bond
LOC
Certificate of Participation
TOTAL LONG TERM LIABILITIES (LESS
CURRENT PORTION)
TOTAL LIABILITIES
NET ASSETS:
September 2014 September 2013
$ 21,100,913 $ 11,324,489
9,249,075
3,825,724
18,488
503,326
265,946
34,963,472
9,173,107
3,926,776
18,319
253,942
253,823
24,950,456
469,002 491,972
138,944 131,790
7,211,423 6,918,300
190,938,770 193,483,596
198,758,139 201,025,658
233,721,611 225,976,114
3,301,218
3,119,720
1,110,683
1,249,653
865,480
882,173
735,000
705,000
3,790
-
275,000
260,000
300,638
240,092
334,798
315,203
380,796
397,522
7,307,403
7,169,363
13,364,806
13,786,685
855,663
760,291
8,070,000
8,330,000
4,970,754
1,986,653
31,872,068
32,699,770
59,133,291 57,563,399
66,440,694 64,732,762
$ 167,280,917 $ 161,243,352
YORBA LINDA WATER DISTRICT
UNAUDITED COMBINING SCHEDULE OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
For the period ended September 30, 2014
(With fiscal year ended September 2013 for comparison only)
OPERATING REVENUES:
Water sales
Sewer revenues
Other operating revenues
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Variable water costs
Personnel services
Supplies and services
Depreciation and amortization
TOTAL OPERATING EXPENSES
OPERATING INCOME /(LOSS)
NONOPERATING REVENUES (EXPENSES):
Property taxes
Investment income
Interest expense
Other nonoperating revenues
Other nonoperating expenses
TOTAL NONOPERATING REVENUES /EXPENSES
NET INCOME /(LOSS) BEFORE CAPITAL
CONTRIBUTIONS & EXTRAORDINARY ITEM(S)
EXTRAORDINARY ITEM(S)
CAPITAL CONTRIBUTIONS
CHANGES IN NET ASSETS
NET ASSETS - BEGINNING OF YEAR
NET ASSETS - FOR PERIOD END SEPTEMBER 30, 2014
September 2014 September 2013
$ 8,622,077 $ 8,418,598
408,388 400,141
257,003 308,941
9,287,468 9,127,680
4,693,449
1,969,673
1,057,731
1,840,117
9,560,970
4,890,773
1,951,032
959,047
1,816,903
9,617,755
(273,502) (490,075)
49,121
42,193
31,736
27,002
(434,464)
(426,132)
100,204
182,650
(39,030)
(6,714)
(292,433)
(181,001)
(565,935) (671,076)
69,983 198,071
(495,952) (473,005)
167,776,869 161,716,357
$ 167,280,917 $ 161,243,352
Yorba Linda Water District
Unaudited Debt Service Ratio Calculation
For Period Ending September 30, 2014
Revenue (Operating):
Water Sales
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Property Tax
Other Non - Operating Revenue
Total Non - Operating Revenue:
YTD
Debt
Actual
Service
FY 2016
Calculation
$ 8,622,077
$ 8,622,077
235,554
235,554
8,857,631
8,857,631
29,305
29,305
49,121
49,121
104,199
104,199
182,625
182,625
Total Revenue 9,040,266 9,040,266
Expenses (Operating):
Variable Water Costs (G.W., Import & Power) 4,693,449 4,693,449
Salary Related Expenses 1,739,262 1,739,262
Supplies & Services 973,211 973,211
Depreciation 1,504,718 -
Total Operating Expenses 8,910,640 7,405,922
Expenses (Non- Operating):
Interest on Long Term Debt 434,464 -
Other Expense 39,030 39,030
Total Non - Operating Expenses: 473,494 39,030
Total Expenses 9,384,134 7,444,962
Net Income (Loss) Before Capital Contributions (343,878) 1,696,304
Capital Contributions
Net Change in Assest
DEBT SERVICE RATIO CALCULATION:
Net Revenues
Debt Service
o/
50,806
$ (293,072) $ 1,696,304
$ 1,595,304
$ 682,371
234%
Revenue (Operating):
Water Revenue (Residential)
Water Revenue (Commercial & Fire Det.)
Water Revenue (Landscape /Irrigation)
Water Revenue (Service Charge)
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Property Tax
Other Non - Operating Revenue
Total Non - Operating Revenue:
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For Period Ending September 30, 2014
Annual YTD Sept YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of
FY 2016 FY 2016 FY 2016 FY 2016 Budget Budget
$17,154,552 $4,288,638 $1,618,805 $5,262,514 $11,892,038 30.68%
2,074,097
518,524
176,131
568,714
1,505,383
27.42%
4,792,995
1,198,249
483,713
1,579,645
3,213,350
32.96%
4,478,000
1,119,500
421,182
1,211,204
3,266,796
27.05%
1,605,292
401,323
137,992
408,051
1,197,241
25.42%
201,000
50,250
221
337
200,663
0.17%
719,777
179,944
76,042
257,003
462,774
35.71%
31,025,713 7,756,428 2,914,086 9,287,468 21,738,245 29.93%
112,000
28,000
13,046
31,735
80,265 28.33%
1,283,642
320,911
41,095
49,121
1,234,521 3.83%
533,525
133,381
9,273
100,204
433,321 18.78%
1,929,167
482,292
63,414
181,060
1,748,107 9.39%
Total Revenue 32,964,880 8,238,720 2,977,600 9,468,628 23,486,362 28.73%
Expenses (Operating)
Variable Water Costs (G.W., Import & Power)
14,928,972
3,732,243
1,460,020
4,693,449
10,235,523
31.44%
Salary Related Expenses
8,224,812
2,056,203
726,702
1,969,673
6,255,139
23.95%
Supplies & Services
4,389,840
1,097,460
473,213
1,057,732
3,332,108
24.10%
Total Operating Expenses
27,543,624
6,885,906
2,659,935
7,720,854
19,822,770
28.03%
Expenses (Non- Operating):
Interest on Long Term Debt
1,780,793
445,198
150,882
434,464
1,346,329
24.40%
Other Expense
72,000
18,000
47,382
39,030
32,970
54.21%
Total Non - Operating Expenses:
1,852,793
463,198
198,264
473,494
1,379,299
25.56%
Total Expenses 29,396,416 793499104 298689199 891949348 2192029068 27.88%
Net Income (Loss) Before Capital Contributions 3,668,464 8899616 1199301 192749180 292849284 36.81%
Capital Contributions
68,806 69,983 69,983 0.00%
Net Income (Loss) Before Depreciation
3,668,464 889,616 188,107
1,344,163 2,214,301 37.77%
Depreciation & Amortization
7,337,500 1,834,375 613,485
1,840,117 5,497,383 25.08%
Total Net Income (Loss)
($3,779,036) ($944,769) ($426,378)
($496,964) ($3,283,082) 13.12%
Capital - Direct Labor
(20,657)
(82,674)
Revenue (Operating):
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Other Non - Operating Revenue
Total Non - Operating Revenue:
Total Revenue
Expenses (Operating):
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest Expense
Other Expense
Total Non - Operating Expenses:
Total Expenses
Yorba Linda Water District
Sewer Fund
For Period Ending September 30, 2014
Annual YTD Sept YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 Budget Budget
$1,605,292
$401,323
$137,992
$408,051
$1,197,241
25.42%
201,000
50,250
221
337
200,663
0.17%
49,774
12,444
1,226
21,449
28,325
43.09%
1,856,066
464,017
139,439
429,837
1,426,229
23.16%
12,000
3,000
1,216
2,431
9,569
20.26%
11,925
2,981
(1,999)
(3,995)
15,920
- 33.50%
23,925
5,981
(783)
(1,564)
25,489
- 6.54%
1,879,991 469,998 138,656 428,273 1,451,718 22.78%
861,340
215,335
87,347
230,411
630,929
27.37%
21,108
5,277
1,535
3,792
17,316
17.96%
39,249
9,812
4,273
9,709
29,540
24.74%
13,078
3,270
1,640
2,026
11,052
15.49%
5,744
1,436
25
1,787
3,957
31.11%
16,753
4,188
1,108
1,832
14,921
10.94%
5,250
1,313
-
-
5,250
0.00%
21,934
5,484
14,492
14,499
7,435
66.10%
78,756
19,689
1,738
8,923
69,833
11.33%
1,730
433
47
71
1,659
4.10%
112,605
28,151
1,893
3,863
108,742
3.43%
19,475
4,869
8,944
15,357
4,118
78.86%
2,833
708
190
548
2,285
19.35%
39,413
9,853
2,395
5,962
33,451
15.13%
6,609
1,652
72
1,493
5,116
22.59%
4,371
1,093
170
352
4,019
8.05%
2,800
700
(12)
(24)
2,824
- 0.86%
7,100
1,775
1,140
2,074
5,026
29.21%
77,261
19,315
2,479
12,256
65,005
15.86%
476,066
119,017
42,129
84,520
391,546
17.75%
1,337,406 334,352 129,476 314,931 1,022,475 23.55%
0.00%
0.00%
0.00%
1,337,406 334,352 129,476 314,931 1,022,475 23.55%
Net Income (Loss) Before Capital Contributions 542,585 135,646 9,180 113,342 429,243 20.89%
Capital Contributions
18,001 19,177 19,177 0.00%
Net Income (Loss) Before Depreciation
542,585 135,646 27,181
132,519 448,420
24.42%
Depreciation &Amortization
1,345,000 336,250 111,813
335,399 1,009,601
24.94%
Total Net Income (Loss)
($802,415) ($200,604) ($84,632)
($202,880) ($599,535)
25.28%
Capital - Direct Labor
(546)
(5,379)
Yorba Linda Water District
Water Fund
For Period Ending September 30, 2014
Annual YTD Sept YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 FY Budget Budget
Revenue (Operating)
Water Revenue (Residential)
$17,154,552
$4,288,638
$1,618,805
$5,262,514
$11,892,038
30.68%
Water Revenue (Commercial & Fire Det.)
2,074,097
518,524
176,131
568,714
1,505,383
27.42%
Water Revenue (Landscape /Irrigation)
4,792,995
1,198,249
483,713
1,579,645
3,213,350
32.96%
Water Revenue (Service Charge)
4,478,000
1,119,500
421,182
1,211,204
3,266,796
27.05%
Other Operating Revenue
670,003
167,501
74,816
235,554
434,449
35.16%
Total Operating Revenue:
29,169,647
7,292,412
2,774,647
8,857,631
20,312,016
30.37%
Revenue (Non- Operating)
Interest
100,000
25,000
11,830
29,305
70,695
29.31%
Property Tax
1,283,642
320,911
41,095
49,121
1,234,521
3.83%
Other Non - Operating Revenue
521,600
130,400
11,272
104,199
417,401
19.98%
Total Non - Operating Revenue:
1,905,242
476,311
64,197
182,625
1,722,617
9.59%
Total Revenue
1,852,793
463,198
198,264
473,494
1,379,299
25.56%
31,074,889
7,768,722
2,838,844
9,040,256
22,034,633
29.09%
28.08%
Net Income (Loss) Before Capital Contributions
3,015,880
753,970
110,124
1,160,840
Expenses (Operating):
38.49%
Capital Contributions
-
-
50,805
50,806
Variable Water Costs (G.W., Import & Power)
14,928,972
3,732,243
1,460,020
4,693,449
10,235,523
31.44%
Salary Related Expenses
7,363,472
1,840,868
639,355
1,739,262
5,624,210
24.67%
Supplies & Services:
25.11%
Total Net Income (Loss)
($2,976,620)
($744,155)
($340,743)
($293,072)
Communications
273,786
68,447
38,512
68,504
205,282
25.02%
Contractual Services
521,451
130,363
49,600
121,818
399,633
23.36%
Data Processing
173,752
43,438
31,519
36,643
137,109
21.09%
Dues & Memberships
72,321
18,080
331
23,744
48,577
32.83%
Fees & Permits
169,437
42,359
40,192
50,939
118,498
30.06%
Board Election
69,750
17,438
-
-
69,750
0.00%
Insurance
291,406
72,852
54,902
54,993
236,413
18.87%
Materials
579,369
144,842
63,474
186,804
392,565
32.24%
District Activities, Emp Recognition
22,980
5,745
629
1,036
21,944
4.51%
Maintenance
394,416
98,604
64,762
175,453
218,963
44.48%
Non - Capital Equipment
132,525
33,131
2,578
33,757
98,768
25.47%
Office Expense
37,642
9,411
2,641
7,394
30,248
19.64%
Professional Services
672,197
168,049
32,571
80,108
592,089
11.92%
Training
58,571
14,643
2,362
9,867
48,704
16.85%
Travel & Conferences
42,129
10,532
1,554
3,974
38,155
9.43%
Uncollectible Accounts
37,200
9,300
(165)
(243)
37,443
-0.65%
Utilities
83,700
20,925
14,200
24,873
58,827
29.72%
Vehicle Equipment
281,139
70,285
31,419
93,547
187,592
33.27%
Supplies & Services Sub -Total
3,913,772
978,443
431,081
973,211
2,940,561
24.87%
Total Operating Expenses
26,206,216
6,551,554
2,530,456
7,405,922
18,800,294
28.26%
Expenses (Non- Operating):
Interest on Long Term Debt
1,780,793
445,198
150,882
434,464
1,346,329
24.40%
Other Expense
72,000
18,000
47,382
39,030
32,970
54.21%
Total Non - Operating Expenses:
1,852,793
463,198
198,264
473,494
1,379,299
25.56%
Total Expenses
28,059,009
7,014,752
2,728,720
7,879,416
20,179,593
28.08%
Net Income (Loss) Before Capital Contributions
3,015,880
753,970
110,124
1,160,840
1,855,040
38.49%
Capital Contributions
-
-
50,805
50,806
50,806
0.00%
Net Income (Loss) Before Depreciation
3,015,880
753,970
160,929
1,211,646
1,905,846
40.18%
Depreciation & Amortization
5,992,500
1,498,125
501,672
1,504,718
4,487,782
25.11%
Total Net Income (Loss)
($2,976,620)
($744,155)
($340,743)
($293,072)
($2,683,548)
9.85%
Capital - Direct Labor
(20,111)
(77,295)
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
DISCUSSION:
ITEM NO. 5.1
AGENDA REPORT
November 17, 2014
Finance - Accounting Committee
Delia Lugo, Finance Manager
Delia Lugo, Finance Manager Dept: Finance
Kelly McCann, Senior
Accountant
Budget to Actual Results for October 2014
Attached are the District's budget to actual summary results for the Water Fund, Sewer Fund and a
combined statement for both funds pertaining to the reporting month of October 2014. For the
month of October 2014, the District water revenue is 41.09% of annual budget, which is 1.11 %
lower than the historical trend for this point in the year.
The majority of the Water Fund's Individual Supplies and Services expenses are below budget, with
the exceptions of Insurance, Materials, Maintenance, Vehicle Equipment, and other expenses due
to the previous month reported reasons. In addition, data processing is at 56.91 % of annual budget
due to the timing recorded Cogsdale, Azteca, and CDW annual software charges.
Overall, Sewer Supplies and Services expenses are trending below budget, with the same
exceptions noted in the water fund. In addition, Non - Capital Equipment is at 106.86% due to the
acquisition of replacement equipment.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Name:
October 2014 Consolidated Stmt.xlsx
October 2014 Water Stmt.xlsx
October 2014 Sewer Stmt.xlsx
Description:
October 2014 Consolidated Statement
October 2014 Water Statement
October 2014 Sewer Statement
Type:
Backup Material
Backup Material
Backup Material
Yorba Linda Water District
Summary Financial Report
Water & Sewer Funds
For Four Months Ending October 31, 2014
Revenue (Operating):
Water Revenue (Residential)
Water Revenue (Commercial & Fire Det.)
Water Revenue (Landscape /Irrigation)
Water Revenue (Service Charge)
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Property Tax
Other Non - Operating Revenue
Total Non - Operating Revenue:
Annual YTD Oct YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of
FY 2016 FY 2016 FY 2016 FY 2016 Budget Budget
$17,154,552 $5,718,184 $1,865,824 $7,128,338 $10,026,214 41.55%
2,074,097
691,366
208,475
777,189
1,296,908
37.47%
4,792,995
1,597,665
541,377
2,121,022
2,671,973
44.25%
4,478,000
1,492,667
422,700
1,633,904
2,844,096
36.49%
1,605,292
535,097
136,404
544,455
1,060,837
33.92%
201,000
67,000
86
423
200,577
0.21%
719,777
239,926
92,143
349,146
370,631
48.51%
31,025,713 10,341,904 3,267,009 12,554,477 18,471,236 40.46%
112,000
37,333
15,848
47,583
64,417 42.48%
1,283,642
427,881
6,207
55,328
1,228,314 4.31%
533,525
177,842
86,882
187,086
346,439 35.07%
1,929,167
643,056
108,937
289,997
1,639,170 15.03%
Total Revenue 32,964,880 10,984,960 3,376,946 12,844,474 20,110,406 38.98%
Expenses (Operating)
Variable Water Costs (G.W., Import & Power)
14,928,972
4,976,324
1,609,898
6,303,347
8,625,625
42.22%
Salary Related Expenses
8,224,812
2,741,604
600,745
2,570,418
5,654,394
31.25%
Supplies & Services
4,413,370
1,471,123
577,665
1,635,397
2,777,973
37.06%
Total Operating Expenses
27,567,154
9,189,051
2,788,308
10,509,162
17,057,992
38.12%
Expenses (Non- Operating):
Interest on Long Term Debt
1,780,793
593,598
137,140
571,604
1,209,189
32.10%
Other Expense
72,000
24,000
(5,031)
33,999
38,001
47.22%
Total Non - Operating Expenses:
1,852,793
617,598
132,109
605,603
1,247,190
32.69%
Total Expenses 29,419,946 998069649 299209417 11,114,766 1893069181 37.78%
Net Income (Loss) Before Capital Contributions 3,634,934 191789311 4669629 197299709 198069226 48.93%
Capital Contributions
69,983 69,983 0.00%
Net Income (Loss) Before Depreciation
3,634,934 1,178,311 466,629 1,799,692 1,736,242 60.91%
Depreciation & Amortization
7,337,500 2,445,833 613,863 2,453,980 4,883,520 33.44%
Total Net Income (Loss)
($3,802,666) ($1,267,622) ($168,334) ($664,288) ($3,148,278) 17.21%
Capital - Direct Labor
(20,983)
Yorba Linda Water District
Water Fund
For Four Months Ending October 31, 2014
Annual YTD Oct YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 FY Budget Budget
Revenue (Operating)
Water Revenue (Residential)
$17,154,552
$5,718,184
$1,865,824
$7,128,338
$10,026,214
41.55%
Water Revenue (Commercial & Fire Det.)
2,074,097
691,366
208,475
777,189
1,296,908
37.47%
Water Revenue (Landscape /Irrigation)
4,792,995
1,597,665
541,377
2,121,022
2,671,973
44.25%
Water Revenue (Service Charge)
4,478,000
1,492,667
422,700
1,633,904
2,844,096
36.49%
Other Operating Revenue
670,003
223,334
89,919
325,473
344,530
48.58%
Total Operating Revenue:
29,169,647
9,723,216
3,128,295
11,985,926
17,183,721
41.09%
Revenue (Non- Operating)
Interest
100,000
33,333
13,924
43,229
56,771
43.23%
Property Tax
1,283,642
427,881
6,207
55,328
1,228,314
4.31%
Other Non - Operating Revenue
521,600
173,867
84,881
189,080
332,520
36.25%
Total Non - Operating Revenue:
1,905,242
635,081
105,012
287,637
1,617,605
15.10%
Total Revenue
1,852,793
617,598
132,109
605,603
1,247,190
32.69%
31,074,889
10,358,296
3,233,307
12,273,563
18,801,326
39.50%
38.02%
Net Income (Loss) Before Capital Contributions
3,015,880
1,005,293
443,722
1,604,562
Expenses (Operating):
53.20%
Capital Contributions
-
-
50,806
Variable Water Costs (G.W., Import & Power)
14,928,972
4,976,324
1,609,898
6,303,347
8,625,625
42.22%
Salary Related Expenses
7,363,472
2,454,491
518,921
2,258,183
5,105,289
32.00%
Supplies & Services:
33.49%
Total Net Income (Loss)
($2,976,620)
($992,207)
($58,252)
($351,324)
Communications
273,786
91,262
15,295
83,799
189,987
30.61%
Contractual Services
521,451
173,817
59,940
181,758
339,693
34.86%
Data Processing
173,752
57,917
62,243
98,886
74,866
56.91%
Dues & Memberships
72,321
24,107
5,897
29,641
42,680
40.99%
Fees & Permits
169,437
56,479
2,125
53,064
116,373
31.32%
Board Election
69,750
23,250
-
-
69,750
0.00%
Insurance
291,406
97,135
206,645
261,638
29,768
89.78%
Materials
579,369
193,123
72,216
259,020
320,349
44.71%
District Activities, Emp Recognition
22,980
7,660
3,101
4,137
18,843
18.00%
Maintenance
394,416
131,472
29,790
205,243
189,173
52.04%
Non - Capital Equipment
132,525
44,175
5,968
39,725
92,800
29.98%
Office Expense
37,642
12,547
4,024
11,418
26,224
30.33%
Professional Services
672,197
224,066
29,351
109,459
562,738
16.28%
Training
58,571
19,524
1,986
11,853
46,718
20.24%
Travel & Conferences
42,129
14,043
5,673
9,647
32,482
22.90%
Uncollectible Accounts
37,200
12,400
515
272
36,928
0.73%
Utilities
83,700
27,900
3,940
28,813
54,887
34.42%
Vehicle Equipment
281,139
93,713
19,948
113,495
167,644
40.37%
Supplies & Services Sub -Total
3,913,772
1,304,591
528,657
1,501,868
2,411,904
38.37%
Total Operating Expenses
26,206,216
8,735,405
2,657,476
10,063,398
16,142,818
38.40%
Expenses (Non- Operating):
Interest on Long Term Debt
1,780,793
593,598
137,140
571,604
1,209,189
32.10%
Other Expense
72,000
24,000
(5,031)
33,999
38,001
47.22%
Total Non - Operating Expenses:
1,852,793
617,598
132,109
605,603
1,247,190
32.69%
Total Expenses
28,059,009
9,353,003
2,789,585
10,669,001
17,390,008
38.02%
Net Income (Loss) Before Capital Contributions
3,015,880
1,005,293
443,722
1,604,562
1,411,318
53.20%
Capital Contributions
-
-
50,806
50,806
0.00%
Net Income (Loss) Before Depreciation
3,015,880
1,005,293
443,722
1,655,368
1,462,124
54.89%
Depreciation & Amortization
5,992,500
1,997,500
501,974
2,006,692
3,985,808
33.49%
Total Net Income (Loss)
($2,976,620)
($992,207)
($58,252)
($351,324)
($2,625,296)
11.80%
Capital - Direct Labor
(20,642)
(97,937)
Revenue (Operating):
Sewer Charge Revenue
Locke Ranch Assessments
Other Operating Revenue
Total Operating Revenue:
Revenue (Non- Operating):
Interest
Other Non - Operating Revenue
Total Non - Operating Revenue:
Total Revenue
Expenses (Operating):
Salary Related Expenses
Supplies & Services:
Communications
Contractual Services
Data Processing
Dues & Memberships
Fees & Permits
Board Election
Insurance
Materials
District Activities, Emp Recognition
Maintenance
Non - Capital Equipment
Office Expense
Professional Services
Training
Travel & Conferences
Uncollectible Accounts
Utilities
Vehicle Equipment
Supplies & Services Sub -Total
Total Operating Expenses
Expenses (Non- Operating):
Interest Expense
Other Expense
Total Non - Operating Expenses:
Total Expenses
Yorba Linda Water District
Sewer Fund
For Four Months Ending October 31, 2014
Annual YTD Oct YTD YTD YTD
Budget Budget Actual Actual Under(Over) % of Annual
FY 2015 FY 2015 FY 2015 FY 2015 Budget Budget
$1,605,292
$535,097
$136,404
$544,455
$1,060,837
33.92%
201,000
67,000
86
423
200,577
0.21%
49,774
16,591
2,224
23,673
26,101
47.56%
1,856,066
618,689
138,714
568,551
1,287,515
30.63%
12,000
4,000
1,924
4,355
7,645
36.29%
11,925
3,975
2,000
(1,995)
13,920
- 16.73%
23,925
7,975
3,924
2,360
21,565
9.86%
1,879,991 626,664 142,638 570,911 1,309,080 30.37%
861,340
287,113
81,823
312,234
549,106
36.91%
21,108
7,036
1,151
4,943
16,165
23.42%
39,249
13,083
2,938
12,647
26,602
32.22%
13,078
4,359
3,492
5,518
7,560
42.19%
5,744
1,915
444
2,231
3,513
38.84%
16,753
5,584
362
2,194
14,559
13.10%
5,250
1,750
-
-
5,250
0.00%
21,934
7,311
-
14,499
7,435
66.10%
78,756
26,252
4,535
13,458
65,298
17.09%
1,730
577
233
304
1,426
17.57%
136,136
45,379
24,071
27,934
108,202
20.52%
19,475
6,492
5,454
20,811
(1,336)
106.86%
2,833
944
303
851
1,982
30.04%
39,413
13,138
2,209
8,171
31,242
20.73%
6,609
2,203
149
1,642
4,967
24.85%
4,371
1,457
427
779
3,592
17.82%
2,800
933
150
126
2,674
4.50%
7,100
2,367
359
2,433
4,667
34.27%
77,261
25,754
2,730
14,986
62,275
19.40%
499,597
166,532
49,007
133,527
366,070
26.73%
1,360,937 453,646 130,830 445,761 915,176 32.75%
0.00%
0.00%
0.00%
1,360,937 453,646 130,830 445,761 915,176 32.75%
Net Income (Loss) Before Capital Contributions 519,054 173,018 11,808 125,150 393,904 24.11%
Capital Contributions
19,177 19,177 0.00%
Net Income (Loss) Before Depreciation 519,054 173,018 11,808 144,327 413,081 27.81%
Depreciation &Amortization 1,345,000 448,333 111,889 447,288 897,712 33.26%
Total Net Income (Loss) ($825,946) ($275,315) ($100,081) ($302,961) ($522,985) 36.68%
Capital - Direct Labor (342) (5,721)
Meeting Date:
To:
From:
Presented By:
Prepared By:
Subject:
SUMMARY:
ITEM NO. 5.2
AGENDA REPORT
November 17, 2014
Finance - Accounting Committee
Delia Lugo, Finance Manager
Delia Lugo, Finance Manager Dept: Finance
Kelly McCann, Senior
Accountant
Investment Report for the Period Ending October 31, 2014
Staff is submitting the Investment Reports for the Month Ending October 31, 2014 for the
Committee's review.
DISCUSSION:
The Investment Portfolio Report presents the market value and percent yield for all District
investments by institution. The Investment Report Summary includes budget and actual interest and
average term portfolio information as well as market value broken out by reserve categories.
The total yield for the period ending October 31, 2014 is 0.61 %.
The overall decrease in the investment balance from the previous month is approximately $801,000.
One of the balance changes include a decrease in COP Revenue Bond - Reserve fund of
$1,871,479 due to the payment of the Debt Service principal and interest payment of October 1,
2014. In addition, the reported increase in the Water Operating Reserve fund of $448,383 is due to
a positive net effect between operating revenues and expenses through the reporting month of the
Fiscal Year, and the increase in the Water Capital Project Reserve fund of $654,423 due to the
collection of the Annexation Fees from Toll Brothers.
STRATEGIC PLAN:
FR 1 -F: Continue to Record and Report the Fairly Stated Financial Activities of the District in a
Timely and Transparent Manner to the Board of Directors and Member Agencies
ATTACHMENTS:
Description: Type:
Invst Rpt 10- 14.xlsx Investment Report for Period Ending October 2014 Backup Material
Invst Agenda Backup - October 2014.xlsx Investment Summary Report - October 2014 Backup Material
Yorba Linda Water District
Investment Portfolio Report
October 31, 2014
Market % Date of Percent
Value Par of Total Institution Maturity Yield
Checking Account:
$ 99,917 $ 99,917 Wells Fargo Bank
81,831 81,831 Pershing
$ 181,748 $ 181,748 0.62% Total 0.00°/%
Money Market Accounts:
$ 54,978 $ 54,978
37,244 37,244
4,118,196 $ 4,118,196 13.97%
Federal Agency Securities
Wells Fargo Money Market 0.03%
US Bank (Revenue Bonds) 0.03%
Bank of the West 0.09%
Total 0.09%
$ 495,035 $
500,000
Fannie Mae
05/25/18
1.13%
493,675
500,000
Federal Home Loan Bank
06/12/18
1.01%
499,055
500,000
Fannie Mae
06/12/18
0.85%
495,260
500,000
Federal Home Loan Bank
06/13/18
1.11%
495,510
500,000
Federal Home Loan Bank
06/20/18
1.13%
2,113,393
2,124,676
Federal Home Loan Bank
05/24/17
0.88%
$ 4,591,928 $
4,624,676 15.58%
Total
05/14/18
0.97%
Certificates of Deposits
$ 245,587
$ 248,000
CIT Bank, Salt Lake
05/22/18
1.21%
245,418
248,000
Discover
05/22/18
1.21%
245,964
248,000
Goldman Sachs Bank
05/22/18
1.20%
245,651
248,000
Beal Bank
05/23/18
1.00%
247,147
248,000
Wells Fargo
04/27/18
0.90%
244,698
247,000
Barclays Bank
04/30/18
0.70%
246,266
248,000
State Bank of India
05/14/18
1.15%
247,352
249,000
Webster Bank
05/03/18
0.90%
245,577
248,000
American Express Centurion Bank
05/23/18
1.21%
243,578
248,000
GE Capital Bank
05/24/18
1.11%
248,905
249,000
Merrick Bank
05/24/17
0.75%
247,906
248,000
BMW Bank
05/24/17
0.90%
249,057
249,000
Firstbank Puerto Rico
05/24/16
0.74%
246,567
249,000
Oriental Bank & Trust
05/29/18
1.06%
246,639
249,000
Silvergate Bank
05/30/18
1.00%
246,557
249,000
Enterprise Bank & TR Co Lowell
05/30/18
1.00%
246,547
249,000
Safra National Bank
05/31/18
1.00%
245,565
248,000
Townebank Portsmouth
05/31/18
1.00%
246,565
249,000
Mascoma Savings Bank
05/29/18
1.06%
$ 4,681,548
$ 4,719,000 15.89%
Total
1.01%
Pooled Investment
Accounts:
$ 6,489,484
$ 6,489,484
Local Agency Investment Fund
0.26%
3,075
3,074
Ca1TRUST Short Term
0.38%
9,404,581
9,414,615
Ca1TRUST Medium Term
0.71%
$ 15,897,140.15
$ 15,907,173 53.94%
0.53%
$ 29,470,560
$ 29,550,793 100%
Total Investments
0.61%
Per Government Code requirements, the Investment Report is in compliance with the Yorba
Linda Water District's Investment Policy, and there are adequate funds available to meet
budgeted and actual expenditures for the next six months.
'a
Kelly D. McCann, Senior Accountant
10/31/14
Investment Summary Report
Below is a chart summarizing the yields as well as terms and maturities for the month of October 2014:
Average
# of
Month Portfolio
Days to
of 2014 Yield
Maturity
October 0.61%
386
Below is are charts comparing operating fund interest for current and prior fiscal years.
Actual Interest
Monthly - October
Year -to -Date
10/31/2013
10/31/2014
$ 9,895 $ 15,848
$ 36,897 $ 47,584
Budget 2013/2014 2014/2015
Interest Budget, October YTD $ 29,000 $ 37,333
Interest Budget, Annual $ 87,000 $ 112,000
Interest earned on investments is recorded in the fund that owns the investment.
Investment Summary Comparison Between Current and Previous Month
The distribution of investments in the portfolio both in dollars and as a percentage of the total portfolio by funds
is as follows:
September 2014 % Alloc
October 2014 % Alloc
Fund Description
Balance
9/30/2014
Balance
10/31/2014
Water Operating Reserve
$ 2,006,819
6.67%
$ 2,455,202
8.36%
Water Emergency Reserve
1,011,245
3.36%
1,014,138
3.45%
Water Capital Project Reserve
16,677,713
55.40%
17,332,136
59.01%
Water Reserve for Debt Service
2,731,297
9.07%
2,731,478
9.30%
Maintenance Reserve
150,335
0.50%
150,432
0.51%
Employee Liability Reserve
200,169
0.66%
200,182
0.68%
COP Revenue Bond 2008 - Reserve
4,022,134
13.36%
2,150,637
7.32%
Sewer Operating
92,902
0.31%
118,479
0.40%
Sewer Emergency Reserve
1,010,328
3.36%
1,012,264
3.45%
Sewer Capital Project Reserve
2,203,314
7.32%
2,205,695
7.51%
$ 30,106,256
100.00%
$ 29,370,642
100.00%
Wells Fargo Bank Checking
Water Operating
104,502
54,370
Sewer Operating
60,885
45,548
165,387
99,917
Totals
$ 30,271,643
$ 29,470,560
ITEM NO. 5.3
AGENDA REPORT
Meeting Date: November 17, 2014
Subject: Future Bond Requirements and Recent Media Coverage
ATTACHMENTS:
Description: Type:
CAL WATCHDOG.docx Backup Material Backup Material
CAL WATCHDOG. COM
BK judge slams taxpayers on Stockton pensions
November 2, 2014 - By John Seiler
In boon to public pensioners and a shock to taxpayers throughout California, federal Judge
Christopher M. Klein approved a bankruptcy plan to put Stockton city retirees at the top of the
heap. That means taxpayers are at the bottom.
Also stiffed will be bondholders. That puts at risk other municipal bonds throughout California.
And it will mean higher costs to service future bonds, such as the $7.5 billion in water bonds on
the Nov. 4 ballot as Proposition 1. Investors understandably will demand higher interest rates for
any bonds emanating from the Pyrite State.
Which means taxpayers again will pick up the tab.
The city sensibly argued that Klein's action also puts it at risk for another bankruptcy. "But
Klein said Thursday that Stockton's plan for paying creditors over the years was adequate and
passed all legal tests," reported the Los Angeles Times.
But that's just what has happened to Vallejo after its 2008 bankruptcy also left it forced to pay
full pension benefits. As CNN reported in March:
"The California city of Vallejo emerged from bankruptcy just over two years ago, but it is still
struggling to pay its bills. The main culprit: Ballooning pension costs, which will hit more than
$14 million this year, a nearly 40% increase from two years ago. "
Meanwhile, the California Public Employees Retirement System has been spiking pensions
again.
Next up: San Bernardino's bankruptcy. In September, Judge Meredith Jury ruled the city
unilaterally could cut firefighter pensions. We'll soon see if her ruling sticks.
Meanwhile, as James Poulos reported on our website, the state is spending so much on pensions
its roads are crumbling to dust.
Well, I guess it's ok to make sure state pensioners, more than 16,000 of whom now pull down
$100,000 or more a year, can enjoy their retirements in Lucullan luxury on their Idaho ranches.
- See more at: http: / /calwatchdog.com /2014/11/02/bk judge- slams- taxpayers -on- stockton-
pensions / #sthash. l A3 C7gsG. dpuf